Fed presidents urge lawmakers against ridding bank's oversight power

02/23/2010 | Bloomberg

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, and Jeffrey Lacker, president of the Federal Reserve Bank of Richmond and chairman of the Fed's Conference of Presidents, are leading an effort by some Fed regional presidents to urge Congress to refrain from stripping the central bank of its authority to oversee banks. In a recent letter to senators, Hoenig said legislation that has been proposed would not enhance financial regulation.

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